The "Consumer Guide to Financial Self-Defense" highlights behaviors that "warn of fraudulent or unethical practices on the part of a financial adviser." Produced by the Certified Financial Planner Board of Standards Inc., the 28-page booklet features a series of 10 "red flags." Each flag identifies a common situation where you may be victimized; describes the warning signs of fraud or abuse; shares actual examples in which individuals were cheated; and shows what you can do to protect yourself.
The chances of encountering trouble may be greater than you think. According to the board's survey of CERTIFIED FINANCIAL PLANNER™ [professionals], 60% of respondents knew a consumer "who had experienced fraud or abuse at the hands of another adviser." What's more, the most likely targets of such fraud were older adults, ages 61-75. Read more >
February 13, 2012